Many businesses are moving towards an outsourced payroll system as it facilitates their duties and leaves no room for mistakes. However, sometimes it isn’t as simple as 1,2,3. Some businesses operate on health and retirement benefits as part of their pay packages. So, how do you ensure that your employees have access to these benefits when your payroll is outsourced?
Easy. As a PEO (Professional Employer Organisation) provider, ProSource can integrate these benefits into payroll systems to minimise administration demand. Here’s how:
How It Works
We integrate these benefits so they are a seamless part of your payroll. This is done through:
- Automated Deductions: Where health insurance premiums or retirement contributions occur, our system automatically pulls these contributions directly from gross pay, so we can ensure no mistakes are made.
- Carrier Connections: Our automated data feeds directly to insurance carriers and 401(k) providers, ensuring that communication is consistent and updated.
- Reporting: The integration process simplifies year-end reporting by ensuring compliance is upheld consistently.
What Are The Benefits Of Seamless Integration?
By integrating health and retirement benefits into the payroll system, it’s one less thing you need to worry about. But what are the benefits? Let’s break it down.
- Eliminates Double Entries: When employees update their contributions or health plans, a manual payroll may miss this and result in double entries. However, our integration ensures this is instantly reflected in the following paychecks.
- Ensures Accuracy and Compliance: Integration helps to manage compliance and accuracy in your payroll, as pre and post tax deductions are calculated correctly, every time.
- Manages Real-Time Data: With updated and accurate reports, managers can identify the real cost of salary and benefits, all in one place.
How Does This Help Employees?
A simplified payroll system enhances your employees’ experience when it comes to payroll, too. They benefit from increased compliance, which ensures that their pay is accurate and reflects their rights. This builds trust and loyalty within the business. How?
- Self-service Portals: We make it easy, no fuss, no hassle. So, your employees can view their pay and benefits themselves, all in one place, eliminating the need for them to ask you questions.
- Enhanced Trust: With fewer errors and mistakes, your employees will gain more trust and confidence in the payroll system, contributing to higher team and employee morale.
- Access to Benefits: Through PEO services, your employees can access even more benefits through ‘Fortune 500” level health and retirement plans.
How To Choose The Right Outsourcing Partner For Your Business
A PEO, like ProSource Solutions, is more than just a software provider. We’re your partner through and through. We help you focus on running your business by handling the background noise and handling it well. So, when you outsource your payroll function, you get high-quality and efficient leadership from our team at ProSource Solutions. Your employees don’t need to question whether their paycheck will be right- they can trust that it always is with us.
It’s simple. By choosing ProSource Solutions for your payroll outsourcing, you’re choosing compliant, consistent and efficient payroll that doesn’t let you or your employees down. Ensure that you’re never behind when it comes to compliance and regulations with our services.
ProSource: Your Payroll Solution
As your dedicated payroll providers, we look after all aspects of payroll implementation and management, from beginning to end. We’ll integrate benefits into our payroll services, so you don’t have to worry about a thing.
If you think you’re spending too much time managing everything else but your business, reach out to us today.
FAQ’s
Is there an extra cost to integrate payroll and benefits?
No. In fact, integrating benefits can save your business money as you reduce administrative hours spent on manual entries that may cause costly compliance errors.
What if an employee’s eligibility changes mid-month?
We track data in real time, so our system will be updated with any changes in eligibility or threshold and alert us to any changes that are required for the payroll.
Does ProSource Solutions help small businesses, too?
Absolutely. Every business needs help, not just the large organizations. Our support is tailored to you business and its demands, ensuring that our solutions work to meet your needs, whatever the size of your business.
